Money may have become too tight to mention for many biotechs and the IPO window in Europe is not just shut but boarded up. However, big pharma’s need to replenish the pipeline has become urgent and the major players are looking to tap into the continent’s early-stage companies which are driving innovation and provide them with much-needed cash.

Recent sizable out-licensing deals with global big pharma firms are raising hopes of a recovery in Korean biopharma alliances and also point to possible changes in deal structures towards international norms.

The Swiss major’s business development chief Susanne Kreutz tells Scrip that geography is no barrier for her team in the search for promising licensing deals or bolt-on acquisitions.

Biogen’s acquisition of Reata lifted the third quarter’s M&A value above $13bn, but data from Evaluate show that acquisition activity cratered in both August and September.